New Rules Protect Homeowners Facing Foreclosue

New federal rules that went into effect earlier this year provide stronger protections for struggling homeowners. The Consumer Financial Protection Bureau (CFPB) created the rules to “protect mortgage borrowers from costly surprises and runarounds by their servicers.”

From The CFPB’s website:

“For many borrowers, dealing with mortgage servicers has meant unwelcome surprises and constantly getting the runaround. In too many cases, it has led to unnecessary foreclosures,” said CFPB Director Richard Cordray. “Our rules ensure fair treatment for all borrowers and establish strong protections for those struggling to save their homes.”